FX RATES
FX RATES

Naira gains at official foreign exchange market despite decline in dollar supply

The exchange rate between the naira and the US dollar closed at N411.5/$1 at the official Investors and Exporters window.

Naira appreciated against the US dollar on Friday from N411.63/$1 recorded on Thursday, 23rd July 2021 to N411.5/$1, representing a 0.03% gain. This however represents 0.27% depreciation for the week compared to N410.38/$1 recorded at the close of the week ended 16th July 2021.

On the other hand, naira depreciated against the US dollar at the parallel market on Friday. Naira closed at N504/$1 compared to N503/$1 recorded on Thursday, 22nd July 2021. Meanwhile, Nigeria external reserve received a boost of $53.46 million on 19th

July 2021 to close at $33.17 billion.

Trading at the official NAFEX window

Naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N411.5/$1 from N411.63/$1 recorded at the end of trade on Thursday, 22nd July 2021.

The opening indicative rate also appreciated from N411.57/$1 recorded on Thursday to close at N411.21/$1 on Friday.

An exchange rate of N412.25 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.5/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window declined marginally by 1.9% on Friday, 23rd July 2021.

 

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